Michael Novogratz, the billionaire founder and CEO of Galaxy Digital Holdings (OTCPK:BRPHF), said Wednesday he believes the recent passage of landmark stablecoin rules will open the door for more traditional finance players to enter the crypto market.

Billionaire Michael Novogratz said that the passage of landmark stablecoin legislation will bring more traditional financial institutions into the cryptocurrency market.

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.